Spanish NHS

Oh dear. Oh dear.  Panic has set in.

November 2005 we went out on a inspection visit and made a decision to purchase on Hacienda Riquelme.  Chatting to the agents it all seemed a really great prospect.  Two years have passed and a lot has happened in England.  The Spanish investment got pushed to the back of our memories.  We have now been contacted by Polaris to say that we can visit between 2 dates in March to see our apartment which is due for completion.  Guess what, we are now panicking.  Nothing is in place.  We don't know where to start or who to turn to.  So much has changed with the markets and mortgages over the last 2 years.  We need some practical advice.  Have just found this site but have not yet had the time to read all the threads, of which there are so many.  Two years ago we took out a flexible mortgage on our home to try to raise some extra capital for retirement in 10 years time by renting and hoping the property would go up in value.  I'm sure it will but right now it is all so daunting.    We managed to make the two stage payments using Currencies Direct but have done nothing since.  We thought we might use our flexible mortgage funds to pay for the Spanish property on an English mortgage witht he Abbey but are not now sure with the exchange rates if that is the right thing.  We are asking for details about the CAM mortgage but have been told that Spanish mortgages are not as flexible and cost such a lot to set up and of course we then have to change money up each month.  Are Spanish mortgage rates a little less than ours?  What is the full percentage rate we can borrow on a Spanish completed property?  Do we have enough time to arrange all this?  Of course all the contact names we were given two years ago have changed which has been disconcerting, even the contact name of our Spanish Lawyer.   Please can someone suggest where we start with this.  I'm worrying and getting no where.

 Are Spanish mortgage rates a little less than ours? I would say they are about the same ie. between 5-6%.

What is the full percentage rate we can borrow on a Spanish completed property? You could potentially borrow between 60 - 80%

 Do we have enough time to arrange all this? Yes you do.

What dates have Polaris offered you? Tell them you are busy and you need a later date, try and find out what other dates people on your phase are completing on and whether PW have set a deadline for your Phase to complete (You may be able to complete in April giving you extra time to make arrangements).

 

This message was last edited by Mozz72 on 1/28/2008.

We are completing in March (were initially told May '08) and got our phone call from Polaris just before Xmas. We have been dealing with CAM Bank who, I must say, are extremely helpful.

If you want to contact them, we have been dealing with Lola. Her contact details are :

 E-mail ofi1551gen@cam.es☎ 0034 968 370 665Fax 0034 968 370 667

 

 

HI MASTECH

 

IF YOU CAN GET INSTREST, ONLY PAYMENTS FOR 3 TO 5 YEARS THE THE PROPERTY MARKET WILL INCREASE IN VALUE AND THAT WILL PUT YOU IN BETTER POSITION ,) GO WITH WHAT YOU THINK IS BEST FOR YOU DONT BE BE FAINT GO FOR IT, WHAT HAVE GOT 2 LOSE (LIFE IS A GAMBLE) YOU NEVER NO

 

KEEP YOUR CHIN UP

REDRAY

Thanks for your message.  Just finished reading through everything on this forum.  Or at least most of the messages.  This has certainly been helpful today and comforting that people can give advice and good information.  We've decided to calm down a little and have really enjoyed looking at the photos and dreaming.  Okay so the Town Centre isn't built and rental may not be as we expected but this is a long term investment and one I'm sure many people will be envious. of in years to come.  My husband reckons we should print off your advice, frame it and put it on the wall, so that when we are feeling glum we can remind ourselves that its all worthwhile.  Cheers.